Incometax return of shopkeeper
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 April 2016
Dear Sir,
I want to file a return of a Karyana Store shopkeeper he said his income is Rs 3 lacs annually please help me to file return without tax & any documents maintain
I want to file a return of a Karyana Store shopkeeper he said his income is Rs 3 lacs annually please help me to file return without tax & any documents maintain
19 April 2016
You have to Prepare P&L to find out Profit & taxability of Shop Keeper for income tax purpose and to filling Return.
19 April 2016
File ITR-4S declare income u/s 44ad 8% on gross turnover.
19 April 2016
Avail of the presumptive tax scheme u/s 44AD. 8% of the turnover is deemed to be profit. No books of accounts or documents need be maintained. Show the Turnover at Rs.37,50,000/- or so and the profit would be Rs.3 lakhs. Preferably show an odd figure as the turnover is not likely to be in round figures.
19 April 2016
Fully endorse the view of expert Kaviraja Addangadi.
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